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Ethereum price fell below $2,600 on October 7 as a sharp rise in long liquidations intensified selling pressure across the crypto market. ETH dropped 5.67% to around $2,555, putting a key technical support level under pressure and raising concerns about a deeper correction.
CoinGlass data showed Ethereum recorded $201 million in long liquidations on October 7, the highest single-day level since June 5. The broader crypto market saw roughly $665 million in liquidations, including a $26 million ETH/USDC position on Binance, the largest single liquidation order.
The selloff also pushed Ethereum’s weighted funding rate to -0.0043%, its lowest reading since early September. Bitcoin similarly weakened, falling below $84,000 as traders reduced leveraged positions.
Analyst Ted Pillows warned that ETH is testing its 100-week exponential moving average (EMA) after losing the psychological $2,600 level. He said a weekly close below this support could trigger a deeper Ethereum price correction.
Daan Crypto also highlighted bearish signals after ETH broke below its two-to-three-week trading range. Rising open interest despite falling prices could indicate continued selling pressure unless Ethereum stages a strong recovery.
Institutional demand has also weakened. SoSoValue data showed spot Ethereum ETFs posted $201 million in net outflows on October 6, the largest daily withdrawal since mid-September. Weekly outflows have reached $252 million, the highest since June 2026. Meanwhile, Bitcoin ETFs attracted $118 million in inflows, while XRP products recorded $3.14 million.
Ethereum is currently testing its 100-week EMA near $2,561. Previous breaks below this indicator preceded substantial declines, including a fall from $2,800 to $1,500 in early 2025 and from $3,200 to $1,700 in January 2026.
If ETH closes below the 100-week EMA, bears could target $2,400 before potentially pushing Ethereum price toward the $2,100 support area. However, renewed buying pressure could help ETH reclaim $2,600 and open the way for a recovery toward $2,800.
